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Saturday, July 20, 2024

Fall in sterling unlikely to provide quick fix to UK’s trade deficit

Commenting on the UK trade figures for September, published today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

 

“The deterioration in the UK’s trade position in September was disappointing and although there was a slight improvement overall in the third quarter, the trade deficit remains significantly higher than the historical average.

 

“While the decline in the value of the pound is likely to provide some impetus to UK exporters, the lack of responsiveness of UK exports to other sterling devaluations in recent years suggests it is unlikely to provide a quick fix to the UK’s weak net trade position.

 

“It is therefore vital that the upcoming Autumn Statement is used to boost the level of export support for SMEs looking to trade overseas.”

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